Banky team Reviewed editorial answerThe key-facts statement is the document the Central Bank requires banks to give with savings accounts, certificates and deposits. Before signing, check:
Leaving early: when breaking is first allowed (many certificates cannot be broken in the first 6 months), the break-penalty table by months held, whether partial breaking is allowed, and the worked example. The penalty usually works backwards, so you can get back less than you put in.
Borrowing: whether you can take a loan against the product, and that a pledged certificate stays held until the loan is repaid.
Fees: every fee and how often it is charged, and the minimum to open.
The return: fixed or variable (if variable, the reference rate and the margin), the payout schedule, and from which day the return is calculated.
Renewal: whether it renews automatically, how many business days before renewal you can cancel, and the renewal rules.
If an item is missing or unclear, ask the employee and get the answer in writing before you sign.